#1Morgan Stanley Confidential Treatment Requested. Certain portions of this exhibit have been redacted and separately filed with the Securities and Exchange Commission pursuant to a request for confidential treatment. Special Committee Meeting Project Orange September 15, 2022 Exhibit (c)(v) PRELIMINARY AND CONFIDENTIAL DRAFT#2Morgan Stanley Agenda 1 Process Update 2 Valuation Considerations 3 Next Steps PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 2#3*** Morgan Stanley 1 Bidder Outreach Progress Detail NDA Signed Sponsors Strategies Company No Interest Insider Connected ✓ Not engaged X No Interest PROJECT ORANGE Earnings Pack X X XX X ✓ X X MP Schedule ✓ ✓ Meeting Held ✓ ✓ X PRELIMINARY AND CONFIDENTIAL DRAFT Responding to High Priority Diligence X X X X X ✓ X VDR Access Provided X X Received Initial Bid 3#4Morgan Stanley 1 Process Calendar *** August Wed Sun 7 14 21 28 Mon 15 Management Presentation Tax DD 22 P&T Review 29 PROJECT ORANGE Tues Management Presentation Management Legal DD Presentation Model DD 16 GTM DD 23 30 10 Cyber DD 17 24 Management Presentation 31 Thurs 11 Management Model DD VDR Opened Presentation 18 25 Fri 12 Management Presentation Accounting / Financial DD 19 Management Presentation 26 Management Marketing DD Presentation 2 September Sat 13 20 27 3 Sun 4 11 18 25 Mon Labor Day 5 12 19 26 Management Availability Provided PRELIMINARY AND CONFIDENTIAL DRAFT Tues 6 September Wed Management ARR DD 13 Model DD 27 GTM DD Regional Tax P&T Follow DD Up At the direction of the Special Committee, Morgan Stanley spoke with and about their interest in a roll and communicated their feedback to 14 Significant Process Date 28 Thurs Tax DD P&T Follow Up 151 22 29 Fri Management P&T DD 9 16 Potential Feedback Date 23 30 Sat 10 17 24#5Morgan Stanley 2 Since IPO, Orange Share Price Has Outperformed Peers Since Orange IPO (1)(2) Share Price Performance Indexed to 100 (%) 225 200 175 150 125 100 75 50 Apr-21 Source: Capital IQ May-21 Jul-21 Aug-21 Sep-21 Orange Nov-21 High Growth Software Dec-21 Jan-22 Feb-22 -High Growth Security Apr-22 May-22 S&P 500 w Jun-22 Aug-22 Notes 1. Market data and Thomson estimates as of 9/12/2022 2. Median of each category shown; High Growth Software includes: Atlassian, Docusign, Smartsheet, Jamf, Zoominfo, Asana, Sprout Social, Pagerduty, Hubspot, High Growth Security includes: Crowdstrike, Okta, Qualys, Rapid7, Tenable, Zscaler PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 21% (2%) (2%) (30%) Sep-22 5#6Morgan Stanley 2 Orange Recent Share Price History Key Share Price Information Average Since Q2 Earnings $19.23 Stock Price Performance Over the Last 3 Months $22.50 $20.00 $18.18 $17.50 $15.00 $12.50 6/6/2022 Source: Capital IQ Notes 1. Market Data as of 9/12/2022 PROJECT ORANGE Current Price $19.41 6/24/2022 Orange is added to the Russell 1000 Index 6/15/2022 6/24/2022 7/5/2022 Special Committee formed 7/5/2022 7/18/2022 Special Committee gives Morgan Stanley permission to conduct a limited outreach to potential non- Violet bidders 7/14/2022 Initial Morgan Stanley outreach to Violet 7/14/2022 7/25/2022 Volume 8/3/2022 PRELIMINARY AND CONFIDENTIAL DRAFT 30-day Average $19.37 Orange Share Price ---Average 18/30/2022 Orange Non-Deal Roadshow 8/4/2022 Q2 2022 Earnings Announcement, Orange shows strong Q2 earnings with Beat and Raise 8/12/2022 8/23/2022 tix 9/1/2022 Volume (MM) 10.0 9.0 لسا 8.0 7.0 $19.41 6.0 -$18.83 5.0 4.0 3.0 2.0 1.0 9/12/2022 6#7Morgan Stanley 2 Preliminary Valuation Summary (1)(2) Public Trading Comparables Revenue (CY23E) Street Case: 6.0x-9.0x AV/ CY23E Revenue of $415MM Management Case: 6.0x-9.0x AV/CY23E Revenue of $440MM Free Cash Flow (CY23E) Street Case: 30.0x-45.0x P/ CY23E FCF of $104MM Management Case: 30.0x - 45.0x P/ CY23E FCF of $107MM Discounted Equity Value Based on Revenue (CY25E) and discounted 2.3 Years at 12.3% cost of equity Street Case: 6.0x-9.0x AV/CY25E Revenue of $585MM Management Case: 6.0x-9.0x AV / CY25E Revenue of $697MM Based on Free Cash Flow (CY25E) and discounted 2.3 Years at 12.3% cost of equity Street Case: 30.0x - 40.0x P/CY25E FCF of $136MM Management Case: 30.0x-40.0x P/ CY25E FCF of $208MM (4) Discounted Cash Flow Analysis Management Case: 11.3% -13.3% WACC; 3.0% -4.0% PGR Precedent Transaction Multiples Revenue (NTM CY22E) Street Case: 7.0x-11.0x AV/ NTM Revenue of $374MM Management Case: 7.0x-11.0x AV / NTM Revenue of $388MM For Reference Precedent Transaction Premia 20.0% - 50.0% Premium to Unaffected Spot ($19.41) 20.0% - 50.0% Premium to 30-Day Average ($19.37) Historical Trading Range Last 30 Days Last 90 Days Last 365 Days (6) Analyst Price Targets Undiscounted Discounted 1 Year @ 12.3% Cost of Equity (5) $0 & $10 Notes 1. Market data and Thomson estimates as of 9/12/2022, Street financials represent consensus estimates through CY2024E 2. Management reflects forecast provided by Management on 8/12/2022 3. Relevant public comparables include: Atlassian, DocuSign, Smartsheet, Jam, Zoominfo, Asana, Sprout Social, PagerDuty. Hubspot, Okta, Qualys, Rapid7, Tenable, Crowdstrike, Zscaler PROJECT ORANGE Share Price as of 9/12/2022: $19.41 $15.19 $16.00 $16.85 $17.42 $14.29 $14.29 $16.53 $16.53 $15.88 $16.39 $17.59 $17.37 $19.32 $16.92 $15 $19.00 $20 PRELIMINARY AND CONFIDENTIAL DRAFT $21.86 $23.08 $22.01 $23.29 $23.25 $20.80 $20.80 $23.59 $25.09 $25.21 $26.06 $23.93 $23.91 $24.71 $25 $24.00 $24.94 $27.69 $29.12 $29.06 $27.40 $28.00 $30 $33.42 $35 4. Valuation date for DEV and DCF as of 9/12/2022 5. Cost of equity of 12.3% based on 1.49 Barra predicted beta, 3.4 % risk-free rate and 6.0% market risk premium 6. Historical trading range based on daily last sale prices Median 7 $40#8Morgan Stanley 2 Orange Comparable Company Valuation Benchmarking CY2023E AV/ Revenue (1) X 7.4 Management X 33.5 7.9 Management Street CY2023E P/FCF (1)(2)(3) 16.8 tlassian 34.6 Street ZoomInfo N.M. 13.9 Smartsheet Sprout Social N.M. 11.2 Asana Sprout Social 8.4 N.M. N.M. Source: Capital IQ, Thomson Consensus Notes 1. Market data and consensus estimates as of 9/12/2022 2. Management reflects forecast provided by Management on 8/12/2022 3. Free cash flow calculated as operating cash flow less capex PROJECT ORANGE Asana PagerDuty 7.6 Hubspot N.M. Atlassian 5.9 Jamf 57.9 CY2023E Median: 7.6x PagerDuty Hubspot 5.6 Smartsheet 5.3 35.4 ZoomInfo CY2023E Median: 33.6x DocuSign 31.8 5.1 Jamf Orange Estimates 28.8 DocuSign PRELIMINARY AND CONFIDENTIAL DRAFT 16.6 Zscaler Crowdstrike N.M. 15.2 Zscaler 66.5 Okta 10.3 Qualys Crowdstrike High Growth Software 48.8 CY2023E Median: 8.3x 6.3 Tenable 5.1 Rapid7 39.3 Rapid7 CY2023E Median: 39.3x 4.6 Okta 37.8 Tenable 31.2 Qualys High Growth Security 8#9Morgan Stanley 2 Discounted Equity Value - Based on CY2025E Revenue Street and Management Cases; Value at 12/31/2024 Discounted to 9/12/2022 (1)(2)(5) SMM, Except Where Noted 2025E Revenue 2025E Multiple Implied Future AV Proj. Cash (-) Pro. Total Debt Future Equity Value Current FDSO Annual Basic Share Increase Future FDSO Future Price per Share Cost of Equity (Ke) Discount Period (Years) Price Per Share NPV 3 Month Performance 12 Month Performance AV/NTM Multiple Current NTM Multiple 8.8x @$19.41 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 12.0x 13.0x 14.0x Historical NTM AV / Revenue Multiple 0% 18% 7% 4% 0% 0% 0% 13% 0% 13% 15% 14% 10% 18% 15% 33% 45% Street Case 585 8.0x $4,679 576 0 $5,255 185.1 08% 189.5 $27.73 Implied Fully-Diluted Future Share Price (at Dec 2024) Street Case $585 18% $21.59 $24.66 $27.73 $30.80 $33.87 $36.95 $40.02 Management Case 697 80x $5,578 619 0 $6,196 185.1 1.0% 190 5 $32.52 $43.09 $46.16 CY2025E Revenue, Margin $697 26% $25.23 Notes 1. Market data and consensus as of 9/12/2022 2. Management reflects forecast provided by Management on 8/12/2022 3. Assumes future cash balance as of 12/31/2024 of $582MM in Street Case and $619MM in Management Case PROJECT ORANGE (3X4) Management Case $28.88 $32.52 $36.16 $39.81 $43.45 $47.09 $50.74 Discounted 2.3 Years at 12.3% Cost of Equity Street Case PRELIMINARY AND CONFIDENTIAL DRAFT 12.3% 2.30 $21.24 $16.53 $18.89 $21.24 $23.59 $25.94 $28.29 $30.65 $33.00 $54.38 $35.35 4. Cost of equity of 12.3% based on 1.49 Barra predicted beta, 3.4 % risk-free rate and 6.0% market risk premium 5. Current FDSO based on implied share price, represents annualized increase in basic shares through 12/31/2023 6. Share creep calculated based on projected cumulative SBC divided by current share price to determine CAGR over the period 2022 to 2025 Management Case Street Case 12.3% 2.30 $24.90 Discounted Fully-Diluted Future Share Price Management Case $19.32 $22.11 $24.90 $27.69 $30.49 $33.28 $36.07 $38.86 $41.65 9#10Morgan Stanley 2 Discounted Equity Value - Based on CY2025E LFCF Street and Management Cases; Value at 12/31/2024 Discounted to 9/12/2022 (1)(2)(4) SMM, Except Where Noted 2025E Revenue 2025E FCF 2025E FCF Margin 2025E Multiple Implied Future EV Current FDSO Annual Basic Share Increase Future FDSO Future Price per Share Cost of Equity (Ke) Discount Period (Years) Price Per Share NPV Current NTM Multiple 39.2x @$19.41 P/NTM Multiple 30.0x 35.0x 40.0x 45.0x Street Case 585 143 24.4% 35.0x $5,002 185.0 0 8% 189.4 $26.40 Street Case Implied Fully-Diluted Future Share Price (at Dec 2024) (3) $143 24% $22.65 $26.40 CY2025E LFCF, Margin $30.15 Management Case 697 208 29.8% $33.91 35.0x $7,284 Notes 1. Market data and consensus as of 9/12/2022 2. Management reflects forecast provided by Management on 8/12/2022 3. Cost of equity of 12.3% based on 1.49 Barra predicted beta, 3.4 % risk-free rate and 6.0% market risk premium PROJECT ORANGE 185.1 1.0% 190.7 $38.20 Management Case $208 30% $32.77 $38.20 $43.64 $49.08 Discounted 2.3 Years at 12.3% Cost of Equity Street Case PRELIMINARY AND CONFIDENTIAL DRAFT 12.3% 230 $20.22 Street Case Discounted Fully-Diluted Future Share Price $17.35 $20.22 $23.09 Management Case $25.97 12.3% 2.30 $29.26 Management Case $25.09 $29.26 $33.42 $37.59 4. Current FDSO based on implied share price; represents annualized increase in basic shares through 12/31/2023 5. Share creep calculated based on projected cumulative SBC divided by current share price to determine CAGR over the period 2022 to 2025 10#11Morgan Stanley 2 Long Term Orange Financial Profile SMM, unless otherwise noted (¹X2) Select DCF Input Financials Revenue % Revenue Growth Adj. EBITDA Margin % D & A % of Revenue CapEx + Capitalized Content % of Revenue SBC % of Revenue Cash Taxes Rate % Change in NWC % Change in Revenue uFCF % of Revenue EBITDA % - uFCF% CY19A 121 1 1% 8 7% (17) 14% (118) 98% 0 5% 35 (99) (82%) 83% CY20A 175 45% 16 9% 12 7% (13) 8% (5) 3% 0 54% 35 64% 32 18% (9%) CY21A CY22E CY23E 246 41% 42 17% 14 6% (12) 5% (18) 8% (1) 8% 50 71% 61 25% (8%) 336 36% 49 15% 14 (21) 6% (26) 8% 8% 64 72% 66 20% (5%) Notes 1. Management case through to FY2025 reflects forecasts provided by Management on 8/12/2022 2. Extrapolations were reviewed and approved by Management on 9/1/2022 PROJECT ORANGE 440 31% 75 17% 16 (25) 6% (39) 9% (5) 25% 65 62% 71 16% 1% Extrapolations reviewed and approved by management CY24E CY25E CY26E CY27E CY28E CY29E 555 26% 132 24% 21 4% (18) 3% (42) 8% (25) 36% 69 60% 116 21% 3% 697 26% 213 31% 25 4% (20) 3% (42) 6% (44) 30% 63 44% 171 24% 6% 854 22% 282 33% 26 3% (26) 3% (43) 5% (53) 25% 78 50% 238 28% 5% PRELIMINARY AND CONFIDENTIAL DRAFT 1,020 19% 360 35% 31 3% (31) 3% (51) 5% (70) 25% 83 50% 292 29% 7% 1,186 16% 447 38% 36 3% (36) 3% (59) 5% (88) 25% 83 50% 347 29% 8% 1,344 13% 537 40% 40 3% (40) 3% (67) 5% (107) 25% 79 50% 401 30% 10% CY30E CY31E 1,480 10% 612 41% 44 3% (44) 3% (74) 5% (123) 25% 68 50% 438 30% 12% 1,585 7% 676 43% 48 3% (48) 3% (79) 5% (137) 25% 52 50% 465 29% 13% CY32E 1,649 725 i 44% 49 3% (49) 3% (82) 5% (148) 25% 32 50% 477 29% 15% Terminal! Year 1,706 3% 751! 44% 511 3% (51) 3% (85) 5% (154) 25% 29 50% 490 29% 15% 11#12Morgan Stanley 2 Discounted Cash Flow Analysis Preliminary Discounted Cash Flow Analysis SMM Discounted Cash Flow Analysis Perpetuity Growth Rate Discount Rate Implied Valuation NPV of UFCF FV of Terminal Value PV of Terminal Value Aggregate Value Net Cash Equity Value FDSO Price/Share % Premium/ (Discount) to Current % of Aggregate Value UFCF Terminal Value Implied Terminal EBITDA Multiple Implied Exit FCF Multiple (P/LFCF) PGR 13.3% 1,440 4,904 1.500 2,940 315 3,255 185.0 $17.59 (9%) Share Price Sensitivity(2)(5) $/Share, Growth declines to 4% by 2032; EBITDA margin increases to 44% 49% 51% 6.5x 10.7x PROJECT ORANGE WACC 13.3% 12.8% 12.3% 11.8% 11.3% 2.5% $17.18 $18.05 $19.09 $20.16 $21.45 3.0% $17.59 $18.52 $19.63 $20.78 $22.18 3.5% $18.04 $19.04 $20.23 $21.48 $23.00 4.0% $18.54 $19.61 $20.90 $22.27 $23.93 4.5% $19.10 $20.26 $21.66 $23.16 $25.00 5. FDSO based on basic share count and dilutive securities schedule per latest filing 6. CY2023E NPV of uFCF stubbed for mid-year 3.0% 12.3% 1,513 5,432 1.807 3,320 315 3,635 185.2 $19.63 1% 46% 54% 7.2x 11.7x Notes 1. Management case through to FY2025 reflects forecasts provided by Management on 8/12/2022 2. Extrapolations were reviewed and approved by Management on 9/1/2022 3. Calculated as implied exited aggregate value divided by relevant perpetual operating metric 4. Table assumes 12 3% WACC and 3.5% PGR PGR 2.5% 3.0% 3.5% 11.3% 4.0% 4.5% 1,590 6,088 2,205 3,795 315 4,111 185.3 $22.18 14% 42% 58% 8.1x 13.1x AV / Revenue Implied Exit Multiples (2)(3) X, Growth declines to 4% by 2032; EBITDA margin increases to 44%; Assumes 12.3% WACC Multiple 3.0x 3.2x 13.3% 3.4x 3.6x 3.9x 1,440 5,179 1,584 3,024 315 3,339 185.1 $18.04 (7%) 48% 52% 6.9x 11.2x AV / EBITDA 6.8x 3.5% 12.3% 7.2x 7.7x 8.2x 8.8x 1,513 5,769 1,919 3,432 315 3,747 185.2 $20.23 4% 44% 56% 7.7x 12.4x P/FCF 11.1x 11.7x 12.4x 13.2x 14.1x PRELIMINARY AND CONFIDENTIAL DRAFT 11.3% 1,590 6,510 2,358 3,948 315 4,264 185.4 $23.00 18% 40% 60% 8.7x 13.9x 13.3% Terminal EBITDA Margin 1,440 5,485 1,677 3,117 315 3,433 185.1 $18.54 46% 54% 7.3x 11.8x 4.0% 12.3% 2% 1,513 6,147 2,045 3,557 315 3,873 185.3 $20.90 8% 43% 57% 8.2x 13.2x 11.3% 1,590 6,991 2,532 4,122 315 4,438 185.4 $23.93 23% Revenue and FCF Sensitivity(4)(5) $/Share, FY2032 Revenue Growth (linear decline from FY2026) 2032 Revenue Growth 39% 61% 9.3x 14.9x 4% 8% 12% 16% 34% $14.96 $15.77 $17.51 $19.46 $21.61 39% $17.06 $18.00 $20.02 $22.27 $24.77 44% $19.17 $20.23 $22.53 $25.08 $27.92 49% $21.28 $22.46 $25.03 $27.89 $31.07 $24.69 $27.54 $30.71 $34.22 54% $23.38 Range from Football Field (p. 7) 12#13Year NTM Rev Growth Morgan Stanley 2 Precedent Software Transaction Multiples Selected Software Transactions NTM Aggregate Value / Revenue Highest Multiple Strategic Software Deals 44.9 Livongo / Teladoc 35.0x+ Auth0 / Okta 25.7 24.9 16.5 15.7 15.7 Five9 / Zoom Slack / Salesforce Qualtrics / SAP MuleSoft / Salesforce 13.7 13.6 13.2 SendGrid / Twilio AppDynamics/ Cisco Anaplan/ Thoma Bravo SailPoint / Thoma Bravo Adaptive Insights/Workday Tableau / Salesforce Medallia / Thoma Bravo Concur / SAP Proofpoint/Thoma Bravo Mimecast / Permira Orange $19.41/share: 8.8x 11.0110 10.8 10.3 9.3 9.2 91 90 8.3 8.2 8.2 8.0 7.8 78 7.6 7.3 7.0 6.8 6.8 6.6 66 64 5.9-5.3-5.3 5.1 49 48 47 46 42 41 38 3.7 3.6 3.4 3.3 Median 7.7x 3.2 Source Morgan Stanley Notes y Database, C Capital I IQ, Thomson Consensus, Company Filings, Public 1. Twillio/ SendGrid d multiple a ple as of closing date PROJECT ORANGE NetSuite/ Oracle 20 21 21 20 18 18 18 17 22 22 18 19 21 14 21 21 16 22 39% 25% 31% 16% 18% 24% 38% 20% 23% 10% 8% 21% 59% N.A. 20% 33% 30% Select Sponsor Software and Strategic Deals Information Callidus / SAP Avalara / Vista Equity Partners Ultimate Software / H&F RealPage / Thoma Bravo Carbon Black/VMware Pluralsight/Vista Equity 18 19 20 19 20 16% 14% 14% 12% 14% 18% SolarWinds / SLP + TB Ping Identity/Thoma Bravo Talend / Thoma Bravo Apptio/ Vista Equity Partners Ellie Mae / Thoma Bravo MINDBODY / Vista Equity Cloudera / CD&R + KKR Instructure / Thoma Bravo Fleetmatics/ Verizon Cvent/Vista Equity Partners Marketo/Vista Equity Partners QAD/Thoma Bravo PRELIMINARY AND CONFIDENTIAL DRAFT Sophos/ Thoma Bravo Forescout/Advent, 15 22 21 18 19 18 19 19 16 16 16 21 21 19 20 19% 15% 16% 3% 24% 16% 16 % 28% $ 28% 8% 10% 7% 4% 19% Sponsor Deals Bravo Crosspoint Broadsoft / Cisco Imperva/Thoma Zendesk/H&F, Permira Cambium Learning / Veritas 17 18 22 16% 4% 26% Informatica / Permira Management Barracuda / Thoma Bravo Gigamon/Elliott 17 17 18 15 17 17 7% 8% N.A. 17% Infloblox / Vista Equity Partners LogMeln / FP; Evergreen (Elliot) Technologies / Avast AVG 16 19 3% 4% Strategic Deals 13 LifeLock / Symantec 16 16 1% 12%#14Morgan Stanley 2 Precedent Technology M&A Premia $1Bn+ Aggregate Value Software Transactions Since 2014 (1) Unaffected Spot Premium % # of deals % Premium % Distribution # of deals 20 Unaffected 30-Day Average % % Premium % Distribution <20% 28% 13 <20% 18% 18 20%-30% 25% 20 20% - 30% 28% Notes 1. Transaction data as of September 2022; excludes withdrawn deals and those by strategic acquirers PROJECT ORANGE Median: 30% 15 30% -40% 21% Median: 35% 14 30% -40% 19% PRELIMINARY AND CONFIDENTIAL DRAFT 8 40%-50% 11% 12 40%-50% 17% # of Deals = 72 11 50%+ 15% 13 50%+ 18% 14#15Morgan Stanley 2 Recent Software M&A With Sponsors 2021 and 2022 Select Public Transactions Deal Size ($Bn) Date Consideration Activist Involvement Premium to Unaffected NTM Revenue Growth NTM LFCF Margin Rule of 40(1) NTM Purchase Rev Multiple THOO proofpoint $11.2 4/26/2021 100% Cash X 34% 10% 17% 28% 9.3x Source: CaplQ, DealPoint Data Notes 1. Rule of 40 based on NTM Revenue Growth NTM FCF Margin PROJECT ORANGE THO Medallia $6.4 7/26/2021 100% Cash X 20% 20% (8%) 12% 10.8x citrix $16.5 1/31/2022 100% Cash 24% 3% 21% 24% 5.1x THOMADRANG /:naplan $10.4 3/20/2022 100% Cash 31% 16% 2% 18% 13.5x THOMADINO SailPoint $6.8 4/11/2022 100% Cash X 32% 18% 1% 19% 13.2x PRELIMINARY AND CONFIDENTIAL DRAFT PERMIRA zendesk $10.2 6/24/2022 100% Cash 34% 26% 12% 38% 4.6x THEO $2.8 8/3/2022 100% Cash X 63% 19% (1%) 18% 7.6x VINTA Avalara $8.2 8/8/2022 100% Cash X 27% 16% 1% 17% 9.0x 15#16Morgan Stanley 3 Next Steps - Process 1. 2. 1. 2. 3. PROJECT ORANGE *** PRELIMINARY AND CONFIDENTIAL DRAFT 16#17Morgan Stanley 3 Next Steps - Communications In Case of Proposal by *** PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT 17#18Morgan Stanley *** PROJECT ORANGE PRELIMINARY AND CONFIDENTIAL DRAFT#19Morgan Stanley 3 Sponsor and Strategic Outreach Considerations *** Outreach Has Occurred PROJECT ORANGE Sponsors Tier 1A Tier 1B Tier 2 PRELIMINARY AND CONFIDENTIAL DRAFT Strategics Tier 1 Tier 2 19#20Morgan Stanley APPENDIX Reference Materials PRELIMINARY AND CONFIDENTIAL DRAFT 20#21Morgan Stanley Overview of Street vs. Management Plan (1)(2) Total Revenue SMM $121 2019A 59.1% $175 2019A 2020A Total Revenue Growth % 45.0% 2020A $246 2021A 40.8% 2021A $336 $334 2022E 36.3% 35.5% 2022E $440 2023E Actuals $415 31.2% 24.4% 2023E Notes 1. Street financials represent Thomson consensus estimates as of 9/12/2022 2. Management reflects forecast provided by Management on 8/12/2022 PROJECT ORANGE $555 $497 2024E 26.1% 19.7% 2024E Street $697 $585 2025E 25.6% 17.7% 2025E Gross Profit SMM $100 2019A 82.9% $148 Gross Profit Margin 2019A 2020A 84.7% 2020A -O-- Street Extrapolations PRELIMINARY AND CONFIDENTIAL DRAFT $211 2021A 85.7% 2021A $290 $290 2022E 86.3% 86.9% 2022E $381 $357 2023E Management 86.5% 86.1% 2023E $490 $427 2024E 88.3% 86.0% 2024E $622 $503 2025E 89.2% 86.0% 2025E REFERENCE MATERIALS 21#22Morgan Stanley Overview of Street vs. Management Plan (Cont'd) (1)(2) Adj. EBITDA SMM $1 2019A 0.8% $16 Adj. EBITDA Margin % 2019A 2020A 9.0% 2020A $42 2021A 17.1% 2021A $55 $49 2022E 16.5% 14.6% 2022E $75 2023E Actuals $70 Notes 1. Street financials represent Thomson consensus estimates as of 9/12/2022 2. Management reflects forecast provided by Management on 8/12/2022 PROJECT ORANGE 17.1% 2023E 17.0% $132 $97 2024E 23.8% 19.5% 2024E Street $213 $138 2025E 30.6% 23.6% 2025E Levered Free Cash Flow SMM $19 2019A % 15.7% $37 2019A 2020A Levered Free Cash Flow Margin 21.0% 2020A -O-Street Extrapolations $71 PRELIMINARY AND CONFIDENTIAL DRAFT 2021A 28.9% 2021A $92 $80 2022E 27.5% 23.8% 2022E $107 $104 2023E Management 24.4% 25.0% 2023E $151 $117 2024E 27.3% 23.6% 2024E $208 $143 2025E 29.8% 24.4% 2025E REFERENCE MATERIALS 22#23Morgan Stanley Orange Performance Has Been Volatile Since IPO, Particularly During Recent Market Turbulence... Orange Capitalization SMM, unless otherwise noted (¹) Share Price FDSO Fully Diluted Equity Value (-) Cash (+) Debt Aggregate Value AV/CY 2022E Revenue AV/CY 2023E Revenue PROJECT ORANGE $19.41 185 $3,594 (315) 0 $3,279 9.8x 7.9x Share Price Performance Since IPO (1)(2) Price per Share ($) 40 35 6/8/2021: Orange launches new 30 Compliance Plus Training Module 25 20 15 7/2/2021: Kaseya ransomware attack 6/23/2021 Orange adds Michael Williams as new Chief Marketing Officer 8/19/2021 Orange launches Resource Kit to defend against mounting cyber attacks 7/20/2021 SolarWinds Closes Spin-Off of N-Able 8/12/2021 Orange announces Upsize and Pricing of Follow-On Offering 10/212021 Orange announces it will acquire Security Advisor and intruduce a New Information Security category titled "Human Detection and Response" Source: Capital IQ Notes 1. Market data as of 9/12/2022 2. High and low based on closing prices as of Capital IQ 11/10/2021 Orange announces upsize and pricing of proposed Follow-On Offering 11/16/2021 Orange completes acquisition of Security Advisor 9/16/2021 Orange releases 2021 State of Privacy and Security Awareness Report 2/16/2022 Orange announces transition of Co-President and CFO Krish Venkataraman to Board of Directors PRELIMINARY AND CONFIDENTIAL DRAFT 5/3/2022 Broader market volability amid heightened uncertainty around inflation, quantitative tightening, China slowdown and Russia/Ukraine war 3/10/2022 Orange appoints Robert "Bob" Reich as new Chief Financial Officer 2/24/2022 Russia invades Ukraine 6/24/2022 Orange is added to the Russell 1000 Index Volume (MM) 15 12 6 10 0 Apr-21 May-21 Jul-21 Aug-21 Sep-21 Nov-21 Dec-21 Jan-22 Feb-22 Apr-22 May-22 Jun-22 Aug-22 Sep-22 Volume -Price $19.41 REFERENCE MATERIALS 23#24Morgan Stanley ...With Valuation Multiples Converging on Those of Peers Over Time Since Orange IPO (1)(2) AV / NTM Revenue 30 25 22.3x 20 17.6x 15 12.5× 10 5 0 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Sep-22 Source: Capital IQ Orange -High Growth Software -High Growth Security 8.8x 8.8x 8.5x P/NTM FCF (3)(4) X 120 100 77.3x 80 60 47.9x 40 20 88.4x Yow Inward 0 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Sep-22 -Orange High Growth Software PRELIMINARY AND CONFIDENTIAL DRAFT -High Growth Security Notes 1. Market data and Thomson estimates as of 9/12/2022 2. Median of each category shown; High Growth Software includes: Atlassian, Docusign, Smartsheet, Jamf, Zoominfo, Asana, Sprout Social, Pagerduty, Hubspot, High Growth Security includes: Crowdstrike, Okta, Qualys, Rapid7, Tenable, Zscaler 3. FCF defined as operating cash flow less capex 4. FCF multiples above 110 0x shown as N M PROJECT ORANGE 43.5x 41.7x 39.2x REFERENCE MATERIALS 24#25Morgan Stanley Software Multiples Have Significantly Compressed From Recent Highs NTM Forward Revenue Multiples of Software Companies Since January 2002 NTM AV / Revenue Multiple 80x 70x 60x 50x 40x 30x 20x 10x Ox Sep-02 Apr-03 Average Pre-GFC GFC Post-GFC to COVID COVID to Peak 2021 Peak Current Nov-03 Jun-04 PROJECT ORANGE Jan-05 Source: Capital IQ, as of 9/12/2022 Time Period Jan 2002 Nov 2007 Dec 2007 Jun 2009 Jul 2009 Jan 2020 Jan 2020 Oct 2021 Oct 2021 Aug-05 Oct-06 Mar-06 Top-5 Revenue Multiple All Software 7.5x 6.0x 13.1x 45.4x 67.5x 19.4x May-07 Dec-07 Jul-08 All Software Revenue Multiple 3.6x 2.8x 5.1x 12.0x 14.6x 6.1x Feb-09 Sep-09 Apr-10 Top 5 Software Nov-10 Jun-11 Jan-12 Mar-13 Aug-12 7.4x Oct-13 3.7x Dec-14 May-14 Jul-15 Average of All Software (1998-2014) PRELIMINARY AND CONFIDENTIAL DRAFT Feb-16 www Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 Aug-19 Peak 2021: 67.5x Peak 2021: 14.6x Oct-20 Mar-20 May-21 Average of All Software (2014 - ) Dec-21 19.4x 6.1x Sep-22 REFERENCE MATERIALS 25#26Morgan Stanley Orange Comparable Company Operational Benchmarking (1) CY2023E CY2023E Revenue Growth (%) Management Street Sprout Social Zoominfo Asana Smartsheet Atlassian Hubspot PagerDuty Jamf DocuSign Crowdstr ke Zscaler Okta Rapid7 Tenable Qualys 11 24 17 21 24 24 21 23 31 31 29 30 30 28 32 29 CY2023E Adj. EBITDA Margin (%) 37 Source: Capital IQ, Thomson Consensus, Company Management Notes Management Street Zoominfo Jamf 1. Market data and consensus estimates as of 9/12/2022 2. Management reflects forecast provided by Management on 8/12/2022 3. Free cash flow calculated as operating cash flow less capital expenditures 4. Rule of defined as the sum of revenue growth and free cash flow margin PROJECT ORANGE DocuSign Atlassian Hubspot PagerDuty Sprout Social Smartsheet Asana Qualys Crowdstrike Zscaler Tenable Rapid7 Okta 4 (0) (1) 17 17 9 22 20 19 12 (32) 20 12 16 44 39 CY2023E Free Cash Flow Margin (%)(2) Street Management ZoomInfo Atlassian DocuSign Jamf Hubspot PagerDuty Sprout Social Smartsheet Asana Qualys Crowdstrike Zscaler Tenable Rapid7 Okta Orange Estimates PRELIMINARY AND CONFIDENTIAL DRAFT 6 5 4 (18) 7 14 11 19 25 24 18 18 17 23 37 32 36 CY2023E Rule of (%)(3) Management High Growth Software Street ZoomInfo Atlassian Jamf Hubspot Sprout Social Smartsheet PagerDuty DocuSign Asana Crowdstrike Zscaler Qualys Tenable Okta Rapid7 !!!! 12 29 40 38 32 30 36 32 li 38 36 55 53 68 REFERENCE MATERIALS 69 High Growth Security 26#27Morgan Stanley Broker Estimates for Orange Select Analyst Estimates and Targets (1) SMM, except per share data Broker Cowen Truist Piper Sandler Canaccord Stephens Needham Goldman Sachs Bank of America Cit UBS Mean Cowen Median Truist Piper Sandler Morgan Stanley MS Canaccord Stephens Needham GS BofA Citi UBS Date of Report 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/4/2022 8/5/2022 8/4/2022 Following Q2'22 Earnings Announcement, broker price targets range decreased from $19-$29 Rating Outperform Buy Buy Overweight 25.00 Buy Buy Current Price Target Overweight 25.00 Buy 28.00 Neutral 28.00 Neutral 25.00 Equal Weight 21.00 24.00 22.00 20.00 20.00 19.00 $23.36 $24.00 Price Target Methodology -12x CY2023E AVI Revenue DCF (20x CY2032 FCF TV) DCF (25x CY2026E FCF) 10x CY2023E AVI Revenue 9.7x AV/CY2023E Revenue 85% 7.5x AV/ Revenue; 15% Strategic Ppaids -40x CY2023E AV/ AV/Revenue, FCF AV/FCF 25x CY2027E AV/FCF 7x CY2023E AV/ Revenue 8.0x CY2023E AV/ Revenue 8.0x CY2023E AV/ Revenue Valuation Methodology Notes 1. Latest available broker estimates, excludes Berenberg due to price target as of 2/17/2022 PROJECT ORANGE AV/FCF AV/FCF, DCF AV/FCF, DCF CY22E $335 AV/FCF $334 $334 AV/Revenue $334 $334 AV/Revenue $334 AV/Revenue AV/Revenue $332 $333 AV/Revenue $334 AV/Revenue $334 $333 $334 $334 Revenue CY23E $415 $424 $421 $421 $422 $415 $412 $413 $420 $394 $407 $415 $415 CY24E $515 $507 $492 $502 $521 $484 $475 $499 $502 CY22E 87% 86% 87% 87% 88% 87% 86% 86% 87% 83% 87% 87% 87% Post earnings, median CY22 revenue estimates increased from $332; CY23 estimates decreased from $417 PRELIMINARY AND CONFIDENTIAL DRAFT Gross Margin CY23E 87% 85% 85% 87% 87% 87% 85% 86% 85% 78% 87% 85% 86% CY24E . 87% 87% 85% 87% 85% 78% 88% 85% 87% CY22E $54 $53 $46 $46 $57 $52 $60 $53 $53 Adj. EBITDA CY23E CY24E $59 4 $72 $65 $60 $72 $63 $75 $66 $65 . $98 $90 $93 $97 $79 $89 $91 $92 CY22E $87 $81 $83 $80 $81 $80 $64 $85 $79 $84 $82 $81 $81 Free Cash Flow CY23E CY24E $123 $98 $114 $105 $114 $107 $106 $84 $98 $98 $95 $104 $105 REFERENCE MATERIALS . . . $133 $146 $115 $110 $126 $109 $123 $121 27#28Morgan Stanley WACC Calculation Predicted Beta (1)(2) 1.6 1.5 1.4 1.3 1.2 1.1 1 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Sep-22 PROJECT ORANGE Orange WACC Analysis (1) Market Risk Premium Barra Predicted Beta (2) Risk Free Rate - 10-Year Spot as of 09/12/22 Sensitivity Adjustment Cost Equity Equity / Total Capitalization Pre-Tax Cost of Debt Tax Rate After-Tax Cost of Debt Total Debt / Total Capitalization WACC Notes 1. Market data as of 9/12/2022 2. Barra Beta per Capital IQ as of 9/12/2022 Low 6.0% 1.49 3.4% (1.0%) 11.3% 100.0% 25% 11.3% PRELIMINARY AND CONFIDENTIAL DRAFT WACC Calculation Base 6.0% 1.49 3.4% 0.0% 12. 100.0% 25% 12.3% High 6.0% 1.49 3.4% 1.0% 13.3% 100.0% 25% 13.3% REFERENCE MATERIALS 28#29Morgan Stanley Orange Capitalization Summary and Aggregate Value Build $MM, Except Where Noted (1)(2)(3) Current Share Price ($) Basic Total Shares Outstanding (#MM) Dilutive Instruments RSUS Outstanding Options Outstanding Total Debt Total Debt Fully Diluted Shares Outstanding (#MM) Fully Diluted Equity Value (+) Debt Principal (-) Cash Fully Diluted Aggregate Value Notes 1. Market data as of 9/12/2022 2. Debt balance, options, and RSUS as of 6/30/2022 3. Assumes $315MM Cash and 175.7MM basic shares outstanding as of 6/30/2022 per 100 PROJECT ORANGE Shares (#MM) 2.79 8.04 PRELIMINARY AND CONFIDENTIAL DRAFT Weighted Avg Strike Price ($) 0.00 $3.25 Current Spot $19.41 175.7 Diluted Shares Outstanding (#MM) 2.79 6.69 9.48 Amount 185.2 $3,594 ($315) $3,279 REFERENCE MATERIALS 29#30Morgan Stanley Legal Disclaimer We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise. You and your directors, officers, employees, agents and affiliates must hold this document and any oral information provided in connection with this document in strict confidence and may not communicate, reproduce, distr bute or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. 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